From Episcopal Life-
The creation of a new independent investment fund aimed at growing resources for the mission of Episcopal churches was announced Jan. 21 at the inaugural board meeting of the Church Investment Group (CIG).
The meeting, which brought together bishops, clergy, and laypeople with significant investment management experience, represents a new milestone in stewardship of church resources by Episcopalians.
"Forming a private equity fund to benefit the mission of the church is something many people have wanted to do for a very long time," said David R. Pitts of Baton Rouge, Louisiana, founding chairman of the CIG board.
"By pooling their investments, dioceses and parishes with endowment and reserve funds will gain increased access to more areas of the market and, potentially, returns that can be significantly larger," Pitts said. "Ultimately, this effort should make considerably more money available for the church's mission."
Immediate past chairman of the board of the Church Pension Group, Pitts is a longtime national lay leader in numerous Episcopal ministries, including the Episcopal Church Medical Trust board and Episcopal Relief & Development. He is chairman and CEO of Pitts Management Associates, Inc.
The inaugural meeting, seen as a major step forward, was hosted by Diocese of Atlanta Bishop J. Neil Alexander, who will serve as the CIG's vice chair. He has been part of an advisory group gathered in early 2009 by Susan Lee Vick of the Diocese of Northern California.
More here-
http://www.episcopal-life.org/79425_126749_ENG_HTM.htm
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